ETFs See $7.9B of Outflows

Apr 25, 2022

Reviewed by: Dan Mika

Edited by: Dan Mika

U.S.-listed ETFs continued to lose assets during the week ending April 22 with a net outflow of $7.9 billion, driven primarily by $17.2 billion in outflows from key S&P 500 funds from Vanguard and BlackRock.

The U.S. ETF industry had a net gain of $179.5 billion year-to-date as of last Friday and held a total of $6.8 trillion in assets under management.

Flows For S&P 500 Funds Split

The mix of head winds against the global economy led to a 2.73% drop in the S&P 500 in the week, sending the three largest ETFs in the U.S. markets in different flow directions.
The SPDR S&P 500 ETF Trust (SPY) led all ETFs, with $1.8 billion in inflows, showing a slight uptick in its use as a trading tool. The Vanguard S&P 500 ETF (VOO) and the iShares Core S&P 500 ETF (IVV) saw an extreme amount of redemptions, at $9.5 billion and $7.7 billion, respectively, amounting to AUM reductions of 3.5% and 2.5%.

However, it’s unclear if the outflows are a change in sentiment or part of a short-term tax strategy. VOO has added $13.6 billion in net flows year-to-date, fitting with Vanguard’s strategy of consistently investing in indexes, while IVV has net inflows of $2.17 billion.

The iShares S&P 500 Growth ETF (IVW) also lost just over $1 billion, and the SPDR Portfolio S&P 500 Value ETF (SPYV) lost $637.6 million as a risk-off attitude in broad large cap equities took hold.

Dividends Gain

Several dividend-focused ETFs made the top 10 inflows list for the period, with the iShares Core High Dividend ETF (HDV) adding $452 million, the JPMorgan Equity Premium Income ETF (JEPI) taking in $371 million and the Schwab U.S. Dividend Equity ETF (SCHD) adding $341 million.

Quality Corporate Debt, Tax-Free Bonds Advance

On the fixed income side, investors largely jumped into investment-grade corporate debt as the iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) added $1.2 billion. That was likely fueled in part by fears of a broader economic slowdown, combined with a $720 million outflow from the SPDR Bloomberg High Yield Bond ETF (JNK).

There were also plays into the safety of government debt. The Vanguard Tax-Exempt Bond ETF (VTEB) added $489.5 million, while the SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) added $371.1 million.

For a full list of last week’s top inflows and outflows, see the tables below:

Top 10 Creations (All ETFs)

Ticker	Name	Net Flows ($,mm)	AUM ($, mm)	AUM % Change
SPY	SPDR S&P 500 ETF Trust	1,828.99	396,672.57	0.46%
LQD	iShares iBoxx USD Investment Grade Corporate Bond ETF	1,204.00	32,983.24	3.65%
FV	First Trust Dorsey Wright Focus 5 ETF	596.69	3,458.01	17.26%
VTEB	Vanguard Tax-Exempt Bond ETF	489.47	14,911.33	3.28%
HDV	iShares Core High Dividend ETF	452.18	10,250.70	4.41%
XRT	SPDR S&P Retail ETF	436.84	801.49	54.50%
BIL	SPDR Bloomberg 1-3 Month T-Bill ETF	402.22	14,968.95	2.69%
JEPI	JPMorgan Equity Premium Income ETF	371.11	8,822.00	4.21%
XLU	Utilities Select Sector SPDR Fund	346.41	15,639.36	2.22%
SCHD	Schwab U.S. Dividend Equity ETF	341.07	35,605.58	0.96%

Top 10 Redemptions (All ETFs)

Ticker	Name	Net Flows ($,mm)	AUM ($, mm)	AUM % Change
VOO	Vanguard 500 Index Fund	-9,511.78	271,545.22	-3.50%
IVV	iShares Core S&P 500 ETF	-7,773.26	311,018.68	-2.50%
XLF	Financial Select Sector SPDR Fund	-1,180.59	40,313.32	-2.93%
IVW	iShares S&P 500 Growth ETF	-1,052.38	33,261.03	-3.16%
BBEU	JPMorgan BetaBuilders Europe ETF	-809.55	10,250.31	-7.90%
JNK	SPDR Bloomberg High Yield Bond ETF	-719.87	6,008.34	-11.98%
IWF	iShares Russell 1000 Growth ETF	-690.56	65,262.84	-1.06%
SPYV	SPDR Portfolio S&P 500 Value ETF	-637.64	14,123.28	-4.51%
SMH	VanEck Semiconductor ETF	-375.09	8,063.80	-4.65%
FXD	First Trust Consumer Discretionary AlphaDEX Fund	-352.40	1,125.00	-31.32%

ETF Weekly Flows By Asset Class

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
U.S. Equity	-13,678.15	4,122,385.64	-0.33%
International Equity	639.34	1,235,273.98	0.05%
U.S. Fixed Income	3,282.00	1,041,096.86	0.32%
International Fixed Income	231.47	155,350.50	0.15%
Commodities	1,192.95	174,683.05	0.68%
Currency	88.52	3,759.28	2.35%
Leveraged	488.69	62,260.58	0.78%
Inverse	-116.80	17,261.49	-0.68%
Asset Allocation	-73.79	18,636.52	-0.40%
Alternatives	56.54	7,411.23	0.76%
Total:	-7,889.23	6,838,119.13	-0.12%

Asset Classes (Year-to-Date)

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
U.S. Equity	65,431.66	4,122,385.64	1.59%
International Equity	54,564.40	1,235,273.98	4.42%
U.S. Fixed Income	14,310.60	1,041,096.86	1.37%
International Fixed Income	8,325.80	155,350.50	5.36%
Commodities	21,788.24	174,683.05	12.47%
Currency	699.10	3,759.28	18.60%
Leveraged	9,430.53	62,260.58	15.15%
Inverse	3,916.03	17,261.49	22.69%
Asset Allocation	625.70	18,636.52	3.36%
Alternatives	410.55	7,411.23	5.54%
Total:	179,502.61	6,838,119.13	2.63%

Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and <1,000 Shares Traded

Ticker	Name	Weekly Performance	Weekly Volume	AUM ($, mm)
GRN	iPath Series B Carbon ETN	9.37%	255,151	92.64
KEUA	KraneShares European Carbon Allowance Strategy ETF	8.53%	55,242	138.51
KRBN	KraneShares Global Carbon Strategy ETF	6.19%	1,085,328	1,445.52
JETS	U.S. Global Jets ETF	6.00%	34,810,892	3,627.72
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	5.79%	3,648	10.87
HAUS	The Home Appreciation U.S. REIT ETF	4.53%	12,429	2.20
VAMO	Cambria Value and Momentum ETF	4.48%	38,821	30.39
RESI	Kelly Residential & Apartment Real Estate ETF	4.40%	1,974	1.50
NURE	Nuveen Short-Term REIT ETF	3.96%	152,216	149.45
XTN	SPDR S&P Transportation ETF	3.94%	263,612	828.97

Top 10 YTD Performers

Ticker	Name	YTD Performance	Weekly Performance	AUM ($, mm)
UNG	United States Natural Gas Fund LP	93.76%	-10.80%	423.70
GAZ	iPath Series B Bloomberg Natural Gas Subindex Total Return ETN	93.55%	-11.10%	31.21
UNL	United States 12 Month Natural Gas Fund LP	86.17%	-11.19%	40.57
JJE	iPath Series B Bloomberg Energy Subindex Total Return ETN	63.14%	-5.55%	7.24
JJN	iPath Series B Bloomberg Nickel Subindex Total Return ETN	62.99%	-0.82%	62.21
RJN	Elements Rogers International Commodity Index-Energy TR ETN	57.20%	-5.03%	12.38
OIH	VanEck Oil Services ETF	55.22%	-6.99%	4,089.68
XES	SPDR S&P Oil & Gas Equipment & Services ETF	54.84%	-7.23%	372.53
IEZ	iShares U.S. Oil Equipment & Services ETF	51.95%	-6.63%	377.20
PXE	Invesco Dynamic Energy Exploration & Production ETF	51.47%	-4.40%	285.92

Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges.

Dan Mika

Dan Mika is a reporter for etf.com. He has previously covered business for the Ames Tribune and Cedar Rapids Gazette in Iowa, and BizWest Media in Fort Collins, Colorado. Dan holds a bachelor's degree in journalism from Truman State University.

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ETFs See $7.9B of Outflows

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